As a longtime monopoly, the Chinese banking, financial services and
insurance industry (BFSI) has suffered from inefficiency, quality
problems, and an uncompetitive Return On Investment. Thus can no longer
meet the high bar for customer satisfaction in the age of the customer,
according to new
research from Forrester
Research, Inc. (Nasdaq: FORR). Internet companies like Alibaba and
Tencent have launched financial services products, including innovative
products like Yuebao, which are disrupting China's BFSI with higher
profits, lower barriers to entry, and better flexibility. The government
is also making regulatory changes that will open up the market and
intensify competition.

Two new reports from Forrester Research’s Charlie
Dai examine the mentioned digital disruptions in the industry and
how traditional banks are finding ways to balance between product,
operational and organizational innovation.

Charlie recommends that CIOs and enterprise architects of commercial
banks systematically embrace architectural innovation by leveraging
emerging technologies like cloud, big data, and enterprise mobility, so
that they can effectively support their strategic business
transformation in the age of the customer.

Product Innovation Is Critical For Continued Business Growth Internet
finance will help Chinese banks reach a vast new pool of customers;
supply chain finance and lending to small and medium-size businesses
will expand the banking ecosystem. High-availability applications
enabled by big data will be the key to differentiating personal
financial management offerings.

Operational Innovation Will Drive Customer-Oriented Business
Excellence A comprehensive mobile banking strategy will help
Chinese banks engage customers and improve loyalty. Process banks will
improve efficiency and agility by using a unified data platform as
part of the corporate foundation.

Organizational Innovation Is The Foundation for Greater Innovation Innovating
products and operations relies heavily on Enterprise Architecture (EA)
professionals. Old organizational structures may no longer apply in
this new, innovative EA practice. Aligning innovative EA teams (and
related IT groups) with business strategy is key to achieving high
performance

About Forrester Research

Forrester Research (Nasdaq: FORR) is a global research and advisory firm
serving professionals in 13 key roles across three distinct client
segments. Our clients face progressively complex business and technology
decisions every day. To help them understand, strategize, and act upon
opportunities brought by change, Forrester provides proprietary
research, consumer and business data, custom consulting, events and
online communities, and peer-to-peer executive programs. We guide
leaders in business technology, marketing and strategy, and the
technology industry through independent fact-based insight, ensuring
their business success today and tomorrow. Visit www.forrester.com.

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